Friday, February 28, 2020

Monopolistic Competition Term Paper Example | Topics and Well Written Essays - 1250 words

Monopolistic Competition - Term Paper Example The paper also explains the fact that given the transition from a monopolistically competitive firm to a monopoly, what will be the changes with regard to prices and output in both of these market structures. And finally the paper explains given the transition from a monopolistically competitive firm to a monopoly, what will be the changes with regard to prices and output in both of these market structures. Benefits to the stakeholders: The price, output level, and the quality of the monopolistic competitor are resolved through â€Å"maximizing the difference between its revenue and its cost, where cost is measured exclusive of the rent on its product-specialized inputs† (Carson, 2006, p. 433). Such a business organization must have definite inputs that are specific to its definite product—as product differentiation is or else compatible with the perfectly competitive market—and the exclusivity of these inputs permits those producers to gain positive rent, yet in the long-term equilibrium. The addition of rent in the cost provides increment to the â€Å"traditional Chamberlinian solution†, where (â€Å"rent inclusive†) average cost lays tangent to the level of demand and thus downward-sloping. However, if rent is not included, average cost can be constant or even it can be upward-sloping at the equilibrium, and also, monopolistic competition does not necessarily induce ‘excess capacity or to production facilities that are too small’ (Carson, 2006, p. 433). In this context, the company, called ‘Wonks’ will not produce the monopolistically competitive level of output which is largely based on the competitive market conditions. The firm will produce the level of output which is lower than the perfectly competitive amount of output; however, it will produce an output even lower than the monopolistically competitive level of output. Hence, the amount of price charged by the firm for potato chips will be mu ch higher than the two competitive market structures. Hence, the amount of profits will be the highest in case of the production and sale of potato chips. Hence, this would benefits some of the stakeholders associated with the business organizations; however, this outcome will worsen the optimal level of benefit of some other stakeholders. The government of the country would benefit in the sense that the increased level of profit of the business organization will increase the amount of corporate profit tax earned by the business organization. Hence, the government would benefit in terms of the greater revenue earned. However, the government would loose in respect to the fact that some people, who are unable to purchase the product at higher prices, would either reduce their volume of purchase of the product, or stop purchasing the product (Boone and Kurtz, 2011, p. 98). The other business organizations also face loss or profit from the monopolization of the potato chips company. In the situation, where the original company has significant level of reputation as the economic agent of selling most popular potato chips, the market share of the new company would like to be very high. In this situation, the other business organization would suffer in terms of reduced market share which will reduce the amount of pro

Wednesday, February 12, 2020

Violence in the Workplace Essay Example | Topics and Well Written Essays - 750 words

Violence in the Workplace - Essay Example In 2008, Roy observed that workplace violence was assuming great importance for modern businesses. Quoting the U.S. National Institute for Occupational Safety and Health, he observes that on an average working day, 3 people are murdered on the job, 1000000 workers are assaulted and more than 1,000 are murdered every year in the U.S. According to the Labor Department, killing at the work place is the second major contributor to death on the job after road accidents. Statistics show that 111,000 incidents of work-place violence cost employers and others an estimated 6.2 million in 1992. With the issue of violence at the workplace gaining higher attention, many state bodies are coming together to combat this social threat. The 9/11 attacks gave a completely new perspective to violence at the workplace. The incident made the world wake up to the fact that a threat need not be limited to workers only, but could also be in the form of terrorists attacks from outside the workplace. The FBI's National Center for the Analysis of Violence Crime (NCAVC), Critical Incident Response Group (CIRG), coordinated with a select group of experts from law enforcement, private industry, government, law, labor, professional organizations, victim services, the military, academia, mental health, and CIRG's Crisis Negotiations Unit in 2004 and discussed the problem at length. "Workplace Violence: Issues in Response," a document detailing the duties of an employer, employee, the role of the state has been the written outcome of this effort. While there are no written rules about hiring or verifying the credentials of a prospective employee, the agencies have advised employers to exert utmost care in recruiting new people. Also, while businesses are bound by law to safeguard the employees' welfare and security under the Occupational Safety and Health Act, they can in no way guarantee complete safety for the employees from external threats. They can at most ensure that the workplace is "free from recognized hazards " in accordance with the "General Duty Clause." . To properly implement the civil rights requiring employers to protect employees from various forms of violence, it becomes essential fro the employers to pay extra attention to each employee's activities within and outside of the workplace. However, keeping a tab on such activities might lead to issues of privacy, defamation and discrimination against some employees. Not only while hiring, but also while firing employees, organizations have to be very careful th at the disgruntled employee doesn't become a threat to the company. As discussed in the paper, sometimes laws meant to protect an employee's rights become an obstacle in ensuring the employer's rights. The American Disabilities Act might prove a hurdle for an employer if the concerned person shows signs of being a threat to the company, but is not ready for counseling. Thus, while we can safely conclude that instances of violence at the workplace are increasing at a rapid rate, organizations have to be prepared for any kind of emergency. While hiring new people, they should also keep in mind the past records of the employee and take hints